Mutual considering a bid, according to reports

LV= has entered the battle to buy the Co-operative Group’s general insurance business.

In May LV= general insurance managing director John O’Roarke told Insurance Times that the mutual would not be making a bid for the troubled banking group’s GI business because the price tag was too steep.

But according to The Sunday Times, LV= has joined three other suitors for the business.

In May, O’Roarke said the £650m asking price was too high, suggesting it has lowered since the business was first put up for sale.

O’Roarke added: “If there was a renewal rights deal a few in the market might be interested.”

Advent, AnaCap and Catalina have previously been linked to the sale, while Legal & General is reportedly interested in the Co-op’s profitable household insurance book.

The group needs to sell its insurance business to plug a £1.5bn black hole in the balance sheet of its bank.